Household debt falls to €166bn

Household debt fell by €2.4bn over the final three months of last year to reach €166.2bn, which means every person in the country owes €36,203, according to the Central Bank’s latest quarterly accounts.

Household debt is now in a more sustainable position of 192% of disposable income, down 18.3% since the peak of the boom.

Reflecting improving economic conditions, household net worth rose by 2.9% over the last three months of 2013 to reach €504.2bn, which is the equivalent of €109,771 for every person in the country. Net worth has been on an upward trend since the third quarter in 2012, but it is 29.9% lower than the peak reached in the second quarter of 2007.